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CFPB's New Mortgage Rule Action | SoftPro Blog

Written by SoftPro | 10/1/14 5:00 PM

On September 29th the CFPB issued its first fine under the new mortgage servicing rules.  An order was issued against Flagstar Bank for not acting in a timely manner in reviewing loss mitigation applications resulting in borrower's losing their homes.  Flagstar was ordered to pay $27.5 million to consumers and an additional $10 million fine to the CFPB.  See Director Cordray's remarks below.

http://www.consumerfinance.gov/newsroom/prepared-remarks-of-cfpb-director-richard-cordray-on-the-flagstar-enforcement-action-press-call/